NAR released a summary of pending home sales data showing that November’s pending home sales pace was up modestly 0.2 percent last month and up slightly 0.8 percent from a year ago.
Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
Three of the four regions showed inclines from a year ago with the West having the only dip of 2.3 percent. The Midwest had the smallest gain of 0.8 percent followed by the Northeast with an increase of 1.1 percent. The South had the biggest gain of 2.5 percent.
From last month, two of the four regions showed inclines in sales. The South had a decline of 0.4 percent followed by the West with a dip of 1.8 percent. The Midwest had a gain of 0.4 percent followed by the Northeast with the biggest increase of 4.1 percent.
The U.S. pending home sales index level for the month was 109.5. October’s data was revised down slightly to 109.5.
In spite of the decline, this is the pending index’s 43rd consecutive month over the 100 level.
The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.